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Coleman: Why I am looking to sell AUDUSD
Ian Coleman from First4Trading is looking to sell AUDUSD. He points out that the currency pair has had mixed results over the last 21 weeks. It can be seen either as a corrective channel formation or an ascending triangle formation, making the medium term bias hard to interpret.
Monday saw a 93 pip selloff which stalled at the 261.8% extension level of 0.7168. Coleman says we are now moving higher in a corrective manner. The 50% pullback level is seen at 0.7242 with bespoke resistance at 0.7243. He's looking to sell rallies.
Sell: 0.7240
Targets: 0.7160 and 0.7120
Stop: 0.7270
01:38 minutes
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